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In testimony before the Senate Banking Committee, Donaldson said the SEC should review SRO governance, as well as the composition of their boards and committees and their decision-making processes.
"Just as SROs have demanded that their listed companies strengthen their governance practices, we must demand that, at a minimum, SROs match the standards they set for listed companies, Donaldson said.
The recent resignation of NYSE head Richard Grasso over his $140 million compensation package has triggered much debate over the operating procedures of the Big Board. In his testimony, which was part of a discussion about several market structure issues, Donaldson also challenged the problem of markets charging "access fees" for quote sharing.
